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WeWork India Management Limited — Investor Meet, 23-07-2026: Analysts/Institutional Investor Meet/Con. Call Updates
Here's a summary of the Q1 FY27 Earnings Call for WeWork India Management Limited:
**Financial Performance:**
* Revenue surged by 28.5% YoY to INR 698 Cr.
* EBITDA jumped 69% YoY to INR 138 Cr, with a margin of 19.8% (up from 15%).
* PAT saw a substantial 6.5x increase YoY to INR 53.2 Cr, improving the PAT margin to 7.6%.
* ROCE improved significantly to 28.6% from 9.1% YoY.
* Free cash from operations grew 176% YoY.
**Management Commentary & Outlook:**
Management emphasized focusing on year-over-year growth due to their expansion cycle where fixed costs precede revenue. They highlighted India's growing flex space market and WeWork India's leading position. The company launched a new Member Services platform to offer business services to its members, aiming to capture a larger share of their spending. FY27 is anticipated to be a strong year with continued margin expansion.
**Operational Updates:**
The company operated 79 centers, covering 9.1 million sq ft, with 133.6 thousand desks, a YoY increase of over 18.5%. Member growth outpaced desk additions, pushing occupancy to 84.9%. Contracted revenue stood at INR 3,363 Cr, up 60% YoY, significantly outpacing the growth in contracted rent obligations.
**Analyst Q&A Highlights:**
Discussions covered the treatment of customization revenue, with a move towards amortization for large deals to smooth out lumpiness. Capex guidance remains INR 500-600 Cr for the year. Management expressed confidence that new seat additions, particularly managed office deals, will maintain or improve margin profiles. They also clarified the contract backlog and capacity addition in various markets.
**Investor Angle:**
The strong year-on-year performance across key metrics, coupled with strategic initiatives like Member Services, suggests a positive trajectory. Management appears confident in sustained growth and margin expansion, driven by market leadership and operational efficiency.